Backpack Brings Spot and Derivatives Trading to NEAR @Backpack is extending its trading infrastructure to @NEARProtocol, introducing $NEAR spot order books alongside leveraged perpetual futur
@Backpack is extending its trading infrastructure to @NEARProtocol, introducing $NEAR spot order books alongside leveraged perpetual futures and native $USDC deposit and withdrawal support. The move brings a fuller trading stack to one of the more active layer-1 networks in 2026, giving both retail users and algorithmic firms a regulated venue to trade or hedge exposure to the NEAR ecosystem.
Backpack Exchange entered beta in November 2023 after securing a Virtual Asset Service Provider (VASP) license from Dubai's Virtual Assets Regulatory Authority (VARA), and in January 2025 it acquired FTX EU for $32.7 million, inheriting its MiFID II license from the Cyprus Securities and Exchange Commission, making it the only regulated provider of perpetual futures in the European Union at the time. The NEAR integration sits within that same regulated framework, designed to give participants clearer compliance footing than unregulated alternatives.
A notable feature of the integration is native $USDC support directly on the NEAR chain. Native USDC on NEAR is issued directly by Circle and has been live since September 2023.It settles in roughly 1.2 seconds and costs a fraction of a cent in gas, and is redeemable 1:1 through Circle. By contrast, bridged USDC (USDC.e) is USDC that has been bridged from Ethereum and is not issued by Circle, and is not compatible with Circle Account or Circle APIs.
For traders, that distinction matters. Relying on a bridged stablecoin introduces custodial and smart contract risk at the bridge layer, as well as potential delays. Supporting the Circle-issued version directly removes that friction for dollar-denominated trading on NEAR's fast settlement infrastructure. NEAR Protocol is a high-performance blockchain featuring a unique scaling solution based on sharding, designed to deliver low-cost transactions that can settle in seconds.
The combination of spot order books, perpetual futures, and native stablecoin rails positions Backpack as a more complete venue for NEAR-focused traders, rather than a single-product listing. Derivatives alongside spot liquidity allow participants to both gain directional exposure and manage downside risk within the same platform, without needing to move funds across multiple exchanges or custody solutions.
Backpack's regulated exchange has processed more than $400 billion in cumulative trading volume, serving both sophisticated traders and users entering Web3 for the first time.
Sources:Backpack Exchange overview, Solana CompassNative USDC on NEAR, CircleUSDC launches natively on NEAR Protocol, NEAR Foundation
